Floor Talk July 24

ALERT: Renewable Fuel Standard ruling is imminent, according to people close to the matter. The word is that the RFS could offer slight expansion for ethanol. We'll report the ruling as soon as it is available.

Here is a story about this topic by Dan Looker, Agriculture.com's Business Editor.

The Dec. soymeal futures contract finished $2.70 per short ton higher at $350.00. Dec. soyoil futures finish unchanged at $36.35.In the outside markets, the NYMEX Brent crude oil is $0.93 per barrel lower, the dollar is lower and the Dow Jones Industrials are 3 points lower.

Mike

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At mid-session:

The Dec. corn futures are trading 1 1/4 cents lower at $3.69.

Nov. soybean futures are trading 13 1/4 cents higher at $10.89.

Sep. wheat futures are 3 1/2 cents higher at $5.34.

The Dec. soymeal futures contract is trading $5.30 per short ton higher at $352.60. Dec. soyoil futures trade $0.08 higher at $36.43.In the outside markets, the NYMEX Brent crude oil is $0.45 per barrel lower, the dollar is lower and the Dow Jones Industrials are 15 points higher.

After a 30 cent bounce in bean futures prices, 12 cent bounce in the wheat and 6 cent bounce in corn, sellers appeared as grain futures trade resumed at 8:30 am and have since taken most of the price improvement out of the beans and pushed corn and wheat prices lower. Wheat is up slightly, at mid-day.Helen Pound, Sr. Futures Market Specialist, says some air has been taken out of the inflated start to trading Thursday."Although weekly bean and corn export sales were better than expected, dramatic increases in barge and rail freight costs resulting in escalating US export basis offers are expected to make US grains uncompetitive in the world market going forward," Pound told customers in a daily wire.

Mike

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At the open:

The Dec. corn futures are trading 3 3/4 cents higher at $3.74.

Nov. soybean futures are trading 21 3/4 cents higher at $10.98.

Sep. wheat futures are 9 cents higher at $5.39.

The Dec. soymeal futures contract is trading $6.60 per short ton higher at $353.90. Dec. soyoil futures trade $0.35 higher at $36.70.In the outside markets, the NYMEX Brent crude oil is $0.02 per barrel lower, the dollar is higher and the Dow Jones Industrials are 7 points higher.

Mike

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At 8am:

WOW! Look at the demand that checks in on the USDA Weekly Export Sales Report:

Nice rally, huh? I ordered it for you guys/gals. Commercial interest is finally rewarding this market for falling so much. By the way, is anybody buying 'calls' yet? If so, what is your strategy (besides trying to make money), if you don't mind sharing?

Re: Floor Talk July 24

Here's some fodder for the soybean bulls. My co-worker wrote this story, yesterday, and if you'll notice buried at the bottom is a quote from a plant pathologist that says SDS has been detected, already.

Quite a range but a case could be made for either situation. We still have a lot of the growing season left so we shall see where we end up. Right now, the market is trading close to the mid point of these figures - in my opinion. What say you?